The idea of InsurTechs disrupting agents and brokers is so 2017.
Executive SummaryCarrier Management editors reached out to more than a dozen InsurTech executives involved in the distribution of P/C insurance to ask questions about their missions, finding that pronouncements about disrupting and replacing traditional agents and brokers are a thing of the past. This article summarizes some of their answers to two of our questions: "Are you disrupting or empowering traditional distribution?" and "What does the future of commercial insurance distribution look like?" The complete text of the Q&As for all 15 leaders surveyed is available in our online supplement, "InsurTechs to Watch: The Distribution Channel."
InsurTechs that empower traditional property/casualty insurance distribution channels are in style in 2019.
According to executives representing 15 technology-forward companies contacted by Carrier Management, agents and brokers have a future in P/C insurance. What’s more, most of the InsurTech executives responding to our questions about their distribution-focused businesses and what carriers should know about them said that their business models are devoted to helping the industry’s middlemen and women meet the challenges of serving customers and carriers with greater ease.
Answering one of our questions—”Are you disrupting (replacing) or empowering traditional distribution?”—Michael Furlong, chief executive officer of Indio Technologies, said, “Indio empowers the traditional distribution channel by providing insurance brokerages with the tools and technology needed to meet the growing demand for an online, digital insurance buying experience.”